There has been a huge surge in the number of US bookmakers providing the option for consumers to place wagers via bitcoin over the years.
Whilst adding any new revenue stream to the payment gateways already available will always likely be considered a good move for the bookmakers, the addition of bitcoin could be a brilliant way for those in the US gambling scene to grow their income even further.
Anonymous factor perhaps the main reason
Perhaps the biggest reason as to why bookmakers in the US have increased their efforts to provide bitcoin payments to consumers is because of the anonymous factor it provides. With laws rather strict in the US at the moment, although some states continue to ease regulations, bitcoin provides bettors with the opportunity of making wagers without their true identity being known, therefore being provided with safety and security that they would not get when using traditional forms of currency.
Each transaction that is made via this method passes through a unique route that makes it extremely difficult to track and, even if it has been, it is impossible to link it to one particular player.
Legality of bitcoin
In regards to the legal aspects of the cryptocurrency, there are no restrictions in place at the moment, meaning US bookmakers are free to use it, as are their customers. There are already a number of Bitcoin SportsBooks that are thriving as they have provided this option for a number of years.
The currency is not considered to be ‘real money’ in some states, which will also mean those that do win will not have to claim any tax and will be able to keep all of it, rather than have to provide some of their winnings to their respective governments.
Another reason as to why bitcoin offerings by US bookmakers may be on the rise can include the fact that the cryptocurrency is universally accepted. Some of the more traditional payment methods may not always be available for bettors to use to deposit or withdraw funds, however the non-traditional method has no boundaries associated with it, therefore allowing it to be used anywhere across the world.
Online gamblers in the U.S. will most likely have their credit cards declined if they try to deposit funds online, due to federal regulations that prohibit gambling businesses from accepting credit card payments.
Bitcoin is simpler to use
Another advantage that comes to mind immediately is the decentralized payment method. As a player, you are the only person who knows what is available to you because it is not regulated, such as bank funds. Users will be able to make transactions that they want to conclude, without being exposed to any resistance, and they can do whatever they want.
The speed of making transactions using blockchain currencies is usually faster than with traditional bank transfers. This works for both deposits and withdrawals, and can usually be processed within 10 minutes.
With more US bookmakers providing the use of bitcoin methods as payments, it makes them more appealing to consumers and provides them with a potentially favourable option when looking for a place to place their wagers.